Retirement Planning

The amount you will need in retirement depends on the age you plan to retire, your desired retirement lifestyle, how long you expect to live and the rate of return that you seek to earn on your investments. Social Security and employer-sponsored pension plans will probably provide a smaller percentage of what you will need compared to your parents. The most important aspect of protecting your future needs is estimating how much will have to save each year.to maintain your standard of living after you stop working.

Financial Foundation

Life deals us unwanted realities.

How would you live if you were unemployed?

How would you pay your bills and fund your dreams if you become physically unable to work due to illness or injury?

What would happen to your family if you unexpectedly met an untimely death?

Should you use your savings, rely on government programs or should you pay for insurance to address these risks?

Moreover, people are living longer. This means that more people are requiring long-term care in later life; especially those with chronic health conditions and disabilities. Should you insure against this potentially catastrophic financial risk? If so, when should you buy a policy.

Saving Up Phase

Once we have determined how much you want to spend annually in retirement, we calculate:

How much you need to save?

How long?

At what rate of return?

It is important that we begin retirement planning based on a solid foundation. You likely have many goals and priorities. You can’t take a loan on your retirement. Delaying saving just means saving significantly more later. We help you with these hard trade-offs.

Should you save in an IRA, 401(K), non-qualified annuity, taxable account, etc. We take a custom approach to help design a savings plan for you.

Spending Phase

You have arrived at retirement or you may have already retired. What should you do to turn what you have built up into income that won’t run out?

When should you take social security? While many want to take money now, it reduces your benefit if you are not age 70. If you are married, there are strategies that may increase your gross pay out. Our network of experts can help you figure out the most advantageous for you.

Two of the options include:

Annuitizing a portion

Systematic withdrawals

Similar to a pension, you give an insurance company a certain dollar amount of money and they give you a stream of money in return.

Systematic withdrawals are a bit trickier. Simply taking money as needed from your account can easily run you out money. You may determine that you want to use a blended approach.

Social Security

When should you begin receiving Social Security? You may begin taking a reduced benefit at age 62, wait until you are eligible to receive your full benefit or take an increased benefit by postponing your first payment until age 70. The right answer for you may not be the right answer for your neighbor.

Retirement Planning and Taxes

Your retirement assets may consist of both tax advantaged and non-tax advantaged assets. The decision on how to redeem these assets may have a significant impact on your plan. This decision will impact how long the funds will last and the tax implications during different stages of your retirement and that your death.

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